Bitcoin first profit target reached, prepare to sell now
Sell below 12269. Stop loss at 13162. Take profit at 9519.
Reason for the trading strategy (fundamentally):
The most recent news that has attracted more bearish for Bitcoin is the SEC outlining the reasons for reluctance to list cryptocurrency ETFs, with the reasons revolving largely around “significant investor protection issues that need to be examined before sponsors begin offering these funds to retail investors” and how such innovative products can be redeemed by retail investors on a daily basis (directly questioning the liquidity of cryptos).
Reason for the trading strategy (technically):
Price rose beautifully and reached our first profit target before reversing strongly. Due to the changing elements, we now look to sell below major resistance at 12269 (Fibonacci retracement, horizontal overlap resistance) for a strong push down to at least 9519 support (Fibonacci extension, horizontal swing low support).
Stochastic (89,5,3) sees a recent bearish exit of our ascending support line signalling a change in momentum. It also has some good downside potential for our drop to continue.
Reason for the trading strategy (fundamentally):
The most recent news that has attracted more bearish for Bitcoin is the SEC outlining the reasons for reluctance to list cryptocurrency ETFs, with the reasons revolving largely around “significant investor protection issues that need to be examined before sponsors begin offering these funds to retail investors” and how such innovative products can be redeemed by retail investors on a daily basis (directly questioning the liquidity of cryptos).
Reason for the trading strategy (technically):
Price rose beautifully and reached our first profit target before reversing strongly. Due to the changing elements, we now look to sell below major resistance at 12269 (Fibonacci retracement, horizontal overlap resistance) for a strong push down to at least 9519 support (Fibonacci extension, horizontal swing low support).
Stochastic (89,5,3) sees a recent bearish exit of our ascending support line signalling a change in momentum. It also has some good downside potential for our drop to continue.
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